Forbes reported that Providence Resources plc (LSE:PVR), led by CEO Tony O'Reilly, Junior, hopes to drill for oil 4 miles off the coast of Ireland. The company is already facing environmental opposition, with some also wondering whether celebrities like Bono — who lives nearby the proposed drilling location — will also be against the endeavour.
Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
Nunavut is bound to have some piece of the estimated 160 billion barrels of crude oil believed to be locked up in the Arctic – the challenge is finding it.
After BP-Rosneft deal falls through, Exxon score a major coup with partnership that grants them access to untapped reserves that could top 110 billion barrels of oil equivalent.
Reuters reported that an incoming storm in the Gulf of Mexico has forced oil companies to temporarily shut down some platforms.
An overview of three technologies that have the potential to push the boundaries of offshore drilling in the near future.
Oil companies are hoping this latest major find will provide further justification for speeding up the permit issuing process for deepwater drilling in the Gulf of Mexico.
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